Unformatted text preview: transaction. 6. What is meant by the equality of debits and credits? It means that the sum of the debits equals the sum of the credits. 7. With the exception of contra accounts, a debit will increase which of the five classifications of accounts? A debit will increase an asset or a expense. 8. With the exception of contra accounts, a credit will increase which of the five classifications of accounts? A credit will increase a liability, OE, or revenue. 9. What is a contra account? A contra account is a bookkeeping accounts that have a contrary or reverse effect in their account classification. 10. What is meant by normal account balance? A normal account balance is the account balance that is expected....
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This homework help was uploaded on 04/20/2008 for the course ACC 175 taught by Professor Broden during the Spring '08 term at Wake Tech.
- Spring '08